Posted on 10/02/2022 8:38:18 AM PDT by george76
One of the biggest advantages of Social Security is that its payments get annual cost-of-living adjustments (COLAs). When inflation is high -- as seniors have seen during the past couple of years -- these COLAs cause monthly checks to rise the following January to help retiree purchasing power keep pace. 2022's COLA boosted benefits by 5.9% this year, and early estimates make it likely that the COLA that will take effect in early 2023 will be between 8% and 9%.
What's even better news is that, unlike in 2022, many Social Security recipients are more likely to see the full amount of their cost-of-living adjustment actually hit their bank accounts. That's because the impact of another key program for older Americans, Medicare, is likely to reverse the painful blow it dealt participants this time last year.
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The 5.9% COLA that took effect at the beginning of 2022 increased benefits for about 70 million Americans.
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However, even those who were eligible for those benefits didn't see their actual checks rise that much. That's because the Social Security Administration automatically withholds Medicare premiums for those recipients who have enrolled in Medicare.
In 2022, the increases in Medicare costs for retirees were extremely high. Medicare Part B premiums jumped 12.7% in 2022, from $148.50 in 2021 to $170.10 this year. That took away $21.60 per month out of that $90 average benefit boost.
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much of the increase came from a single factor: the Biogen Alzheimer's drug Aduhelm
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Don't go spending that money just yet..
(Excerpt) Read more at nasdaq.com ...
80 percent of wage earners pay more in payroll taxes than they do in income taxes. So who pays the employer share if they are no longer responsible for half? The self- employed pay it all now.
Biden was sponsor
How else do you expect the politicians to make any real money unless it is by “favors”? Gee, don’t you understand anything?
/s
Gang rape.
As I recall, it was LBJ that broke into the SS “lockbox” around 1964-65 to put the money into the General Fund. He needed the money to pay for his “Great Society” giveaways to blacks so they would be voting for Democrats for “a hundred years”.
The “lockbox” and “trust fund” were a fiction to dupe the masses from day one.
Money is fungible—which means that if you give me a dollar I get to spend it any way I want regardless of what moving lip noises I may send in your direction.
;-)
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